What exactly is ‘House Hacking’?

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I’ve found lots of information regarding house hacking but it’s still pretty hard to comprehend. There are also lots of terms thrown around like ‘down-payment’, ‘mortgage’, etc. so I would like to know more about those too.

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House Hacking is a general term for using your home to generate income. Basically, it’s like… when you buy a duplex, and you live in one side while you rent out the other side. Another example would be buying a multi-unit building (small apartment complex) and you live in one unit and rent out the others.

If you don’t know what a *down payment* or a *mortgage* are, I suggest you google the words and learn more about real estate and home ownership. Because those are pretty basic things you’ll need to know.